Economic measures announced
Posted: Tue 14 Aug 2018 1:19 pm
Economic measures announced
14 08 2018 12:48
A series of measures to reduce the impact of the sharp fall in the value of the Turkish Lira have been announced.
The measures which were announced by Prime Minister Tufan Erhürman during today’s extraordinary session in parliament include lowering of VAT rates, fixing foreign exchange rates for rents, switching to multiple electricity tariffs, discounts in deed transfer fees and providing incentives to local or domestic production.
Pointing out that the country was going through a serious economic crisis, Erhürman read out the 23 set of measures which the government will be introducing in the coming days.
Amongst the measures include lowering VAT on cleaning goods, certain foods, restaurant services and white goods.
Tax returns will also be provided to consumers using credit and debit cards with the aim of minimizing tax evasion.
Withholding tax applied on rents in foreign currency will also be reduced from 13% to 1% in exchange of fixing the currency exchange rate.
The electricity authority will also switch to a multiple tariff system which will allow electricity prices to be lower at certain times of the day.
The price stabilization fund for alcohol and tobacco products will also be raised in order to close the gap in the price stabilization fund for fuel in a bid not to raise the price of petrol.
Among the other measures include levying a temporary additional tax on casinos and bet offices for a period of 6 months.
Limitations on foreigners purchasing homes and property in the TRNC will be preserved but the limitation to purchase 1 apartment flat will temporarily be raised to 3 apartment flats for a period of 6 months.
Incentives will also be introduced for hotels to meet their needs from local and domestic producers.
14 08 2018 12:48
A series of measures to reduce the impact of the sharp fall in the value of the Turkish Lira have been announced.
The measures which were announced by Prime Minister Tufan Erhürman during today’s extraordinary session in parliament include lowering of VAT rates, fixing foreign exchange rates for rents, switching to multiple electricity tariffs, discounts in deed transfer fees and providing incentives to local or domestic production.
Pointing out that the country was going through a serious economic crisis, Erhürman read out the 23 set of measures which the government will be introducing in the coming days.
Amongst the measures include lowering VAT on cleaning goods, certain foods, restaurant services and white goods.
Tax returns will also be provided to consumers using credit and debit cards with the aim of minimizing tax evasion.
Withholding tax applied on rents in foreign currency will also be reduced from 13% to 1% in exchange of fixing the currency exchange rate.
The electricity authority will also switch to a multiple tariff system which will allow electricity prices to be lower at certain times of the day.
The price stabilization fund for alcohol and tobacco products will also be raised in order to close the gap in the price stabilization fund for fuel in a bid not to raise the price of petrol.
Among the other measures include levying a temporary additional tax on casinos and bet offices for a period of 6 months.
Limitations on foreigners purchasing homes and property in the TRNC will be preserved but the limitation to purchase 1 apartment flat will temporarily be raised to 3 apartment flats for a period of 6 months.
Incentives will also be introduced for hotels to meet their needs from local and domestic producers.